HOUSTON, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Aravive, Inc. (Nasdaq: ARAV), a clinical-stage biopharmaceutical company developing treatments designed to halt the progression of life-threatening diseases, including cancer and fibrosis, today announced the pricing of its previously announced underwritten public offering of 3,333,334 shares of its common stock at a public offering price of $7.50 per share. Aravive expects to receive gross proceeds of approximately $25 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Aravive.
In connection with this offering, Aravive has granted the underwriters a 30-day option to purchase up to 500,000 additional shares of common stock at the public offering price. All of the shares are being offered by Aravive. The offering is expected to close on or about December 2, 2019, subject to the satisfaction of customary closing conditions.
Aravive currently intends to use the net proceeds from this offering primarily for research, development and manufacturing of product candidates, and for other general corporate purposes including, to acquire, license or invest in complementary businesses, technologies, product candidates or other intellectual property.
Piper Jaffray and Cantor Fitzgerald & Co. are acting as joint book runners for the offering.
About Aravive
Aravive is a clinical-stage biopharmaceutical company developing treatments designed to halt the progression of life-threatening diseases, including cancer and fibrosis. Aravive’s lead product candidate, AVB-500, is an ultrahigh-affinity decoy protein that targets the GAS6-AXL signaling pathway. By capturing serum GAS6, AVB-500 starves the AXL pathway of its signal, potentially halting the biological programming that promotes disease progression. AXL receptor signaling plays an important role in multiple types of malignancies by promoting metastasis, cancer cell survival, resistance to treatments, and immune suppression. The GAS6-AXL signaling pathway also plays a significant role in fibrogenesis. Aravive is evaluating AVB-500 in platinum-resistant ovarian cancer, and intends to expand development into additional oncology and fibrotic indications.
